Personal Insolvency

We advise business people with debt problems. The debts may be secured against properties and other assets and the individuals may be facing personal bankruptcy.

Our focus is on Directors of troubled or insolvent companies who may have given personal guarantees to creditors, banks and leasing companies. Examples include individuals who have overstretched themselves in their personal property investments, or who are dealing with the financial fallout from a marital breakdown.
Examples of debt problems

Debt restructuring strategy
We advice on debt restructuring for individual investors who are struggling with loan repayments, the threat of foreclosure and even bankruptcy. This is mainly for those with debt exposure on rental and other property investments (other than principle private residence) in Ireland and abroad. The service is not geared towards individuals who have consumer debt issues who should instead avail of MABS.

We will mediate between you, your creditors and the banks to find a workable solution for all. We would be looking to an out-of-court resolution with creditors and putting you back in control of your debt.
Working out a solution
We first perform a financial review including compiling a statement of affairs and projecting future income and loan payments. We then work out a solution along the following lines:
1. An informal scheme of arrangement: Most schemes done are on an informal basis. It means you enter into an arrangement with your creditors to restructure or reduce the amount owed and the repayment period. The scheme may be dependent on the disposal of certain property or other assets.

Experience shows that creditors are receptive to informal schemes provided the individual enters into an honest and open dialogue with his creditors, does not wait for them to initiate legal action and appoints an independent firm of accountants to work out Informal Scheme of Arrangement.

2. Secured debt: For those with secured liabilities, we negotiate for a moratorium, an extension of the loan term or disposal of the secured asset to clear the debt. Secured debt payments are first paid in a scheme of arrangement.

3. Court scheme of arrangement: a court-approved scheme that is enforced on all creditors, once 60% of those creditors agree. Court schemes are rarely used for a variety of reasons.